For the first time in the U.S. economy, women have a higher chance of being the main breadwinner for their family, reported a poll commissioned by Prudential. Women continuously out number their male graduate counterparts, make up at least half of the workforce, and 53% of women are the main provider for their family.
Despite the major developments for women in the workforce, the poll found that women have a hard time becoming involved in their finances. Though it is estimated that women have an 80% to 90% chance of becoming in charge of their finances at some point in their lifetime, many women still struggle with traditional financial gender roles. Many women still feel intimidated by a financial industry that typically caters to their male clients.
The study also shows that:
- Women feel insecure about their finances and are afraid to make financial decisions and feel that they do not understand certain financial products.
- Women are more likely to care about providing for their family and retiring versus men who tend to invest their money more.
- In terms of gender, more Asian American and African American women are higher income winners compared to white women.
- Women in Michigan are three times more likely to delegate their financial decisions to their partners.
- Texas has the highest percentage of married female breadwinners.
In an effort to help women gain a better sense on their finances, more financial institutions are providing women services and products that are catered to their financial understanding. Though it can be scary, it is important for women to take the first step and understand their finances. In doing so, they will have skills in set to take care of themselves financially in the long run.